Coworking as a segment in the startup space is growing rapidly as the freelancers, SME’s are increasing in the country. The need for on demand flexible spaces is rising. Some people are calling this segment as “real estate – tech” startup domain. According to a study conducted by renowned real estate consultancy JLL, the coworking industry in India is expected to receive $400 million in investments by 2018.The industry is also expected to grow by 40-50% in the next year that is 2017.
Coworking industry in India – Predictions for 2017
As per the experts, Coworking industry is still in its nascent stage with many spaces and booking platforms emerging. The sector is slated to grow exponentially because of the increase in freelancers & small businesses. As per a survey, there are more than 2 million freelancers in India as of 2016 and they would all be looking for shared spaces. Add to that, the small startups, SME’s, consultancies and even professionals like lawyers, CAs.
Coworking Sector is predicted to grow by 40-50% in the year 2017 itself.
Use cases of Coworking Spaces beyond Freelancers & SME’s
When coworking spaces were started, they were considered to be useful to freelancers & Startups only. However, with time coworking spaces have become breeding grounds for investments, community events, awareness, business exchange and co-existence in the ecosystem. Not only freelancers & startups are taking up full time seats in coworking spaces but several large corporations are also deploying smaller teams in Coworking spaces in different cities. For example, Snapdeal was known to move out of leased offices and opt for seats in a Coworking space in Mumbai couple of months ago.
Coworking spaces have become breeding grounds of innovation, community, business exchange and investment deals as well.
What is the long term prediction for Coworking as a sector?
Several real estate consultants are predicting a very bright future for Coworking industry in India. With the bubble burst of real estate and several other tech startup domains of India, coworking is emerging as a growing sector. Investors are now looking at opportunities in Coworking related startups be it spaces, booking platforms or peripheral service startups.